Life in retirement is as long as career itself and sometimes much more. Retirement would mean no pay on the last day of every month, no increments, no health reimbursements and no bonus! It also means inflation could be hurting more than ever with increased lifestyle and health care costs but limited/no earnings at all. All your investments can be subject to 'market risks' and irrespective you can have to liquidate some part to meet present expenses.
If not prepared nicely, you can have to live a life of compromises.Travel and recreation could appear to exist for the affluent. After living a luxurious life, will you be able to compromise on the standard of living?
For a care free retirement life at least as good as the working span , you need to begin planning now as it's never ever too soon to plan for retirement!
3 Step process for Retirement Planning:
1. Evaluate the price of post retirement life based on current lifestyle net of inflation. Add increased health charges, vacations, other family events and reduce prices such as kid's education and rent, should you own your house.
2. Calculate the amount you would need to save regularly from now to build the retirement corpus which if accumulated at that time should be sufficient to substitute your pre-retirement earnings or a little more than expected post-retirement expenditures.
3. You have to begin early and systematically to see the power of compounding and top up such an investment whenever possible. Whilst investing for retirement, parameters like diversification, portfolio balancing, risk, taxation, property planning must also be handled.Most significantly there must be enough assets to tide over any contingency. The investments has to be able of protecting one from inflationary pressure at the same time must be wealth protectors.
The true secret to be successful in the above is - Use money for more than just consumption; analyze the importance of each life phase to harvest fruits of investing and plan in a disciplined way to curb emotional or distressed spending.
Now, you can make a plan for things you can do while you could not take out time to do in your own work span and also flaunt an independent retired life - pursue a hobby, go for a vacation, enroll in a club and enjoy life king size!
If not prepared nicely, you can have to live a life of compromises.Travel and recreation could appear to exist for the affluent. After living a luxurious life, will you be able to compromise on the standard of living?
For a care free retirement life at least as good as the working span , you need to begin planning now as it's never ever too soon to plan for retirement!
3 Step process for Retirement Planning:
1. Evaluate the price of post retirement life based on current lifestyle net of inflation. Add increased health charges, vacations, other family events and reduce prices such as kid's education and rent, should you own your house.
2. Calculate the amount you would need to save regularly from now to build the retirement corpus which if accumulated at that time should be sufficient to substitute your pre-retirement earnings or a little more than expected post-retirement expenditures.
3. You have to begin early and systematically to see the power of compounding and top up such an investment whenever possible. Whilst investing for retirement, parameters like diversification, portfolio balancing, risk, taxation, property planning must also be handled.Most significantly there must be enough assets to tide over any contingency. The investments has to be able of protecting one from inflationary pressure at the same time must be wealth protectors.
The true secret to be successful in the above is - Use money for more than just consumption; analyze the importance of each life phase to harvest fruits of investing and plan in a disciplined way to curb emotional or distressed spending.
Now, you can make a plan for things you can do while you could not take out time to do in your own work span and also flaunt an independent retired life - pursue a hobby, go for a vacation, enroll in a club and enjoy life king size!
About the Author:
To know more concerning planning your own retirement plan, click here: ira silver.
Ditulis oleh:
Unknown - Monday, November 12, 2012
Jika anda suka silahkan tautkan ke artikel ini
Anda baru saja membaca artikel yang berkategori dengan judul A Three Phase Plan To Help You Prepare For Retirement. Anda bisa bookmark halaman ini dengan URL https://updatefinances.blogspot.com/2012/11/a-three-phase-plan-to-help-you-prepare.html. Terima kasih!
Tolong Beri Rating Posting Saya...
Belum ada komentar untuk "A Three Phase Plan To Help You Prepare For Retirement"
Post a Comment